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Labor Delays Fiduciary Rule

The Department of Labor yesterday adopted a rule delaying the April 10 effective date of its “Fiduciary Rule” for 60 days. The delay gives Labor time to complete the re-study mandated by Trump’s February executive order....more

Banking & Financial Services E-Note - March 2017

In an article published in the April 2017 issue of The Journal of Bankruptcy Law, Jonathan Sykes and Correy Karbiener provide insight on whether § 546(e) of the Bankruptcy Code protects transfers made to repay commercial...more

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

DOL Temporarily Forbears Enforcement of Fiduciary Duty Rule

The Department of Labor’s “fiduciary duty” Rule continues to get more bollixed up. DOL announced a temporary enforcement policy that will give a “free pass” for any violations (a) in the gap between effective date and delay,...more

SEC to Propose "Requiring" Municipal-Issuers to Disclose Bank Loans

The two remaining SEC Commissioners agreed March 1 to propose amendments “requiring” municipal securities issuers to disclose non-security financial obligations and material events occurring in other outstanding obligations....more

DOL Proposes 60-Day Delay of Fiduciary Rule

The US Department of Labor today proposed a 60-day extension (through June 9) for the effective date of its Fiduciary Duty Rule and related exemptions. The extension would give DOL some time to complete the re-analyses...more

Banking & Financial Services E-Note - February 2017

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. Despite press coverage, the Order doesn’t actually require...more

DOL Fiduciary Rule Still On for April 10 Implementation

The Department of Labor’s Fiduciary Duty Rule remains on track for April 10 implementation, notwithstanding a maelstrom of hype about it. Nearly everyone expected the new administration would delay the Rule – and many...more

FINRA to Require Web-Based Arbitration Filings

Effective April 3, 2017, all FINRA arbitration participants (except pro se parties) must use FINRA’s web-based DR-Portal to file and serve documents in both customer and industry arbitrations. ...more

Trump's "Two for One" Regulation Order Excludes SEC, Maybe All of Dodd-Frank

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. ...more

Corporate E-Note - January 2017

The IRS has announced it will begin treating certain syndicated conservation easement transactions and “substantially similar” transactions as “listed transactions.” Notice 2017-20 published on December 23, 2016 (the...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

VW's $4.3BN Plea to Obstruction for Botched Litigation Hold

One of three counts in Volkswagen’s recent $4.3 billion guilty-plea was for obstruction of justice arising from a litigation-hold botched by house counsel. As VW prepared to admit the defeat-device problems to US...more

Supreme Court to Review SEC Enforcement Limitations

On Friday, January 13, the Supreme Court granted certiorari to resolve a Circuit split on the extent to which SEC enforcement actions are restricted by the five-year statute of limitations in 28 U.S.C. § 2462. Section...more

SEC’s 2017 Exam Priorities

OCIE released its 2017 exam priorities on January 12. The priorities list was most notable for being shorter than prior years. But that likely means only more focus, rather than less vigor....more

SEC Scores First Muni Issuer's Admission of Wrongdoing

The Port Authority of New York and New Jersey has admitted wrongdoing and agreed to pay a $400,000 penalty to settle SEC charges that it failed to adequately disclose project risks to investors purchasing $2.3 billion in...more

FINRA’s 2017 Regulatory & Exam Priorities

On January 4, new President and CEO Richard Cook issued FINRA’s Annual Regulatory and Examination Priorities Letter. This year’s list in summary is: New for 2017: Targeted electronic off-site reviews “on select...more

Circuits Split - Tenth Holds SEC ALJs Unconstitutional

The Tenth Circuit recently held that the SEC’s in-house judges are “inferior officers” hired in violation of Article II’s Appointment Clauses, creating a split with the D.C. Circuit over the issue. The Tenth Circuit held...more

6th Circuit Orders Pay-to-Play Challenge to Merits Panel

The Sixth Circuit this week declined the SEC’s request to dismiss a Constitutional challenge to the new MSRB pay-to-play rules. Instead, the Court ordered the case to a merits panel for consideration. The Republican parties...more

Supremes Reaffirm Dirks Gifting Theory of Insider Trading; Limit Newman

A unanimous Supreme Court reaffirmed the “gifting” theory of insider trading under Dirks and rejected Newman “to the extent” it required more. The Court’s long-standing rule in Dirks v. SEC, 463 U.S. 646, 664 (1983)...more

FINRA’s Cross-Selling Sweep Exam

In late October, FINRA issued a sweep exam, commanding firms to produce 15 categories of documents about firm’s cross-selling programs over a 5-year span. The sweep seeks information on cross-selling, including incentives...more

PIABA Slams Broker-Check Again

The Public Investors Arbitration Bar Association (PIABA) renewed its criticism of FINRA’s Broker-Check® system in a report issued in late October. PIABA was especially critical of the system’s: Lack of synchronization...more

Banking & Financial Services E-Note - October 2016

Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who agrees to...more

6th Circuit Orders Pay-to-Play Challenge to Merits Panel

The Sixth Circuit this week declined the SEC’s request to dismiss a Constitutional challenge to the new MSRB pay-to-play rules.  Instead, the Court ordered the case to a merits panel for consideration.  The Republican parties...more

Tilton Tilts at SEC Enforcement, Again

Having lost her initial suit (and appeal) to enjoin an SEC administrative enforcement action against her, the so-called “diva of distressed,” Lynn Tilton recently filed another lawsuit trying to halt her upcoming October 24...more

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